SAN JOSE, Calif., Nov. 14, 2011 /PRNewswire/ -- Human Pheromone
Sciences, Inc. (OTC Bulletin Board: EROX) ("HPS" or "the Company")
today announced results for the three and nine month periods ended
September 30, 2011. For the three
months ending September 30, 2011, net
revenues of $113,000 represented a
46% decrease from the revenues of $210,000 in the prior year period; the resultant
net loss of $30,000 ($0.01 per share) represented a 45% reduction from
the $55,000 loss ($.01 per share) incurred in the same period of
2010. For the nine month period ending September 30, 2011, net revenues of $423,000 were 27% lower than the previous year's
$581,000, resulting in a net loss of
$56,000 ($0.01 per share) as compared with a net loss of
$215,000 ($0.05 per share) in the first nine months of
2010, a 74% decline.
According to a Company spokesperson, "The $97,000 decrease in revenues for the current year
quarter is attributable to several factors, including timing of
purchases by a domestic customer (in an earlier quarter this year)
and an international client (scheduled for the fourth quarter of
this year). In addition, there was a $29,000 reduction in amortization of fees
(non-cash revenues) previously received under the Company's
agreement with Johnson & Johnson entered into in January 2006. The lower gross profit in the
current quarter was more than mitigated by a $92,000 reduction in operating expenses,
principally by lower spending for employee compensation and
benefits, insurance and legal fees, under a program pro-actively
adopted by the Company in late 2010 to address expected weaknesses
in potential licensees investment in new technologies in both the
domestic and international consumer markets."
Human Pheromone Sciences, Inc. is a technology-based company,
whose proof-of concept products included prestige-priced fragrances
and toiletries and environmental products sold under the Natural
Attraction®, REALM®, innerREALM® and EROX® trademarks.
These products contain mood-enhancing compounds, whose
efficacy has been validated at leading universities around the
world, and whose use is covered under United States and foreign patents. The Company
is also involved in research and product development efforts on new
compounds that have been previously identified as stimulating the
emotional centers of the human brain. Further information is
available on line at www.erox.com.
The statements in this news release may contain
forward-looking statements that involve risks and uncertainties
that could cause results to differ from predicted results.
Further information on factors that could affect the
Company's results is detailed in the Company's annual report to
shareholders on Form 10-K for the year ended December 31, 2010, and Form 10-Q for the three
and nine months ended September 30,
2011, as filed with the Securities and Exchange
Commission. The Company undertakes no obligation to publicly
release the result of any revisions to these forward-looking
statements.
Tables follow
HUMAN
PHEROMONE SCIENCES, INC.
|
|
|
|
Condensed
Balance Sheets
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
September
30,
|
December
31,
|
|
|
2011
|
2010
|
|
|
(Unaudited)
|
(Note
1)
|
|
Assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
69
|
$
92
|
|
Accounts receivable
|
67
|
108
|
|
Inventories
|
30
|
26
|
|
Other current assets
|
29
|
49
|
|
|
|
|
|
Total
|
$
195
|
$
275
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders'
deficit
|
|
|
|
|
|
|
|
Accounts payable
|
$
39
|
$
42
|
|
Other current
liabilities
|
98
|
102
|
|
Unapplied advance
payment
|
100
|
-
|
|
Deferred income - current
|
53
|
146
|
|
Deferred income – non-current
|
-
|
24
|
|
Common stock
|
21,098
|
21,098
|
|
Accumulated deficit
|
(21,193)
|
(21,137)
|
|
|
|
|
|
Total
|
$
195
|
$
275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1 – Derived from audited
financial statements
|
|
|
|
|
HUMAN
PHEROMONE SCIENCES, INC.
|
|
|
|
Condensed
Statements of Operations
|
|
(Unaudited)
|
|
(Dollars in
thousands, except per-share data)
|
|
|
|
|
|
|
|
|
Three months
ended
|
Nine months
ended
|
|
|
September
30,
|
September
30,
|
|
|
2011
|
2010
|
2011
|
2010
|
|
|
|
|
|
|
|
Net revenue
|
$ 113
|
$
210
|
$ 423
|
$ 581
|
|
|
|
|
|
|
|
Cost of goods sold
|
15
|
45
|
78
|
107
|
|
Research and
development
|
4
|
7
|
14
|
40
|
|
Selling, general and
administrative
|
124
|
213
|
385
|
647
|
|
|
|
|
|
|
|
Loss from operations
|
(30)
|
(55)
|
(54)
|
(213)
|
|
|
|
|
|
|
|
Other expense
|
-
|
-
|
1
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
-
|
-
|
1
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
(30)
|
$
(55)
|
$
(56)
|
$
(215)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share -
|
|
|
|
|
|
Basic:
|
$
(0.01)
|
$
(0.01)
|
$
(0.01)
|
$
(0.05)
|
|
|
|
|
|
|
|
Fully diluted:
|
$
(0.01)
|
$
(0.01)
|
$
(0.01)
|
$
(0.05)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding-
|
|
|
|
|
|
Basic:
|
4,152
|
4,152
|
4,152
|
4,152
|
|
|
|
|
|
|
|
Fully diluted:
|
4,152
|
4,152
|
4,152
|
4,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share is based on
the weighted average number of common shares and common equivalents
outstanding during each period. Certain common stock
equivalents are excluded when their effect would be
anti-dilutive.
|
|
|
|
|
|
|
SOURCE Human Pheromone Sciences, Inc.